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| XBRL — eXtensible Business Reporting Language | |||||||||||||||||||||||||
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XBRL is a royalty-free, open specification for software being developed by a non-profit consortium consisting of over 170 leading companies, associations, and government agencies around the world. Anyone interested in applying XBRL to business reporting processes can receive a license from XBRL International. See the XBRL International Organisation Website. Specifically, XBRL defines data-formatting conventions and vocabularies for marking up and describing business report data, such as sales or net assets. Like XML, it is tag based. Descriptions in the form of tags or labels are attached to the various pieces of business data. These tags describe the particular piece of data in terms of an agreed-upon vocabulary. That vocabulary is referred to as an XBRL taxonomy, the specific system of tags. Once an organisation has the appropriate taxonomy, it can enable its reports for XBRL. From there, organisations can more easily use and share data from the reports within the organisation and between organisations. XBRL-aware applications can take advantage of the high level of specificity and self-describing nature of the tags to automatically process the information for purposes of reporting and analysis. XBRL is independent of any hardware platform, software operating system, programming language or accounting standard. XBRL International XBRL International is a not-for-profit consortium of approximately 550 companies and agencies worldwide working together to build the XBRL language and promote and support its adoption. The consortium members meet periodically in international conferences, conduct committee work regularly via conference calls, and communicate in email and phone calls throughout the week.
XBRL Plus Deloitte recognises and supports XBRL as a leading standard for managing and processing financial and business information and maintains a separate website dedicated to the case for XBRL. Click for www.xbrlplus.com. IFRS XBRL Taxonomy The IASC Foundation (IASCF) (renamed 1 July 2010 as IFRS Foundation) has developed a high quality XBRL 'taxonomy' for IFRSs (in effect, a dictionary of data tags that explains what each tagged element is and how it should be treated under IFRSs) that will be maintained in line with the annual Bound Volume of IFRSs. In November 2002, the XBRL International Steering Committee (ISC) issued the IAS Primary Financial Statements (PFS) Taxonomy as an XBRL Recommendation and also issued the IAS Explanatory Disclosures and Accounting Policies (EDAP) Taxonomy as a Public Working Draft. Both the PFS and EDAP taxonomies are available on the Internet from XBRL International's XBRL Resource Center. The PFS Taxonomy includes XBRL representations of a classified balance sheet, an income statement, a statement of changes in equity, and a cash flow statement. The PFS Taxonomy encompasses the core financial statements that private sector and certain public sector entities typically report in annual, semi-annual, or quarterly financial disclosures as required by IAS 1.7 and IAS 34.8. Significant accounting policies and other explanatory notes are modelled in a separate XBRL taxonomy, the Explanatory Disclosures and Accounting Policies (EDAP) taxonomy, which has been released as a public working draft.
IFRS Foundation XBRL Activities The IASB has created a Separate Section of its Website – www.ifrs.org/xbrl that focuses on matters relating to XBRL. On that site you will find IFRS-related XBRL news, links to various taxonomies, extensions, translations, educational materials, and upcoming events, among other information. XBRL Planet The XBRL International staff keep track of who is adopting XBRL, and how, country by country and agency by agency. The initiative is called XBRL Planet http://www.xbrlplanet.org/.
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September 2004: SEC proposes voluntary XBRL filings As part of its initiative to assess the benefits of tagged data and its potential for improving the timeliness, accuracy, and analysis of financial disclosures by public companies, the US Securities and Exchange Commission has proposed to establish a voluntary program allowing registrants to file supplemental financial information using eXtensible Business Reporting Language. The program would begin with the 2004 calendar year-end reporting season. In addition to domestic issuers, the voluntary program is available to foreign private issuers that otherwise file financial information prepared in accordance with US GAAP. The Commission also issued a concept release on the benefits and implications of tagging data for filers, investors, the Commission, and other market participants, and on the suitability of the XBRL format. Click for:
April 2005: Speech by SEC Staff on SEC and XBRL Click to download the Speech by SEC Staff (PDF 58k) "Remarks Before the 11th XBRL International Conference" by Peter Derby, Managing Executive for Operations and Management, Office of the Chairman, US Securities and Exchange Commission, and the XI XBRL International Conference, Boston, Massachusetts, USA, 26 April 2005. February 2005: SEC adopts a Programme for Voluntary XBRL Filings
The US Securities and Exchange Commission has established a voluntary programme for XBRL filings. Beginning with the 2004 calendar year-end reporting season, registrants may voluntarily furnish XBRL data in an exhibit to specified EDGAR filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940. Click for:
May 2005: PCAOB Guidance on Audits of XBRL Data The US Public Company Accounting Oversight Board (PCAOB) has published staff question and answer guidance for auditors engaged to report on whether XBRL data furnished under the SEC's XBRL Voluntary Financial Reporting Program accurately reflects the corresponding information in the official SEC filings. Click for PCAOB XBRL Attestation Q&A (PDF 60k). August 2005: SEC Extends XBRL Test to Filings by Mutual Funds The US SEC has expanded its voluntary program of filings using XBRL to include investment companies (mutual funds). Under the SEC's New Rule (PDF 31k), mutual funds will be able to file XBRL exhibits to their annual report to shareholders and quarterly statement of portfolio holdings the US GAAP Investment Management classification system. Classification systems for commercial and industrial companies, banking and savings institutions, and insurance companies are already available under the voluntary SEC program. March 2006: SEC Announces 17 XBRL Test Companies The United States Securities and Exchange Commission has announced that 17 companies have agreed to participate in a pilot program to use interactive data in XBRL Format in their financial statement filings. The companies will help the agency explore how new Internet based reporting technologies can improve the financial reporting process for investors, financial intermediaries, the SEC, and the companies themselves. Four of the companies are non-US registrants. The 17 members of the 2006 test group are:
July 2007: IASCF seeks members for two XBRL committees The Trustees of the IASC Foundation have invited applications for membership of two committees relating to the Foundation's work on XBRL – an XBRL Advisory Council (XAC) and an XBRL Quality Review Team (XQRT):
August 2007: IASCF update on XBRL-enablement of IFRSs The IASC Foundation has published an electronic newsletter with an update on developments in the XBRL-enablement of IFRSs. Click to Download the XBRL Update (PDF 105k). The newsletter includes hyperlinks to various XBRL resources. Discussion at the October 2007 IASB Meeting The Board participated in a session on the eXtensible Business Reporting Language (XBRL) project led by staff of the XBRL team of the IASC Foundation. The session was designed to refresh Board members' knowledge of the XBRL project and to bring them up to date on developments within the IFRS-related aspects of the project. In particular, the IASCF staff noted that its XBRL project team has expanded and now includes technical, accounting, and translation specialists. The XBRL team has put in place procedures that should enable it to ensure that revised IFRS XBRL taxonomies are released at the same time as the annual Bound Volume. Although the session was informational, several Board members expressed the hope that there could be even more cooperation between the XBRL project team and the IASB staff such that potential problems or inconsistencies in IASB standards could be identified through the XBRL tagging/taxonomy process, before the standard is issued. November 2007: Appointment of XBRL Advisory council and XBRL Quality Review Team On 22 November 2007, the IASCF appointed an XBRL Advisory Council and an XBRL Quality Review Team:
December 2007: Heads Up on US GAAP XBRL taxonomy On 5 December 2007, the US Securities and Exchange Commission released the XBRL US GAAP taxonomy for public comment. The taxonomy is a collection of computer 'tags' that can be applied to financial data included in SEC filings to make the data interactive and more useful to investors. The public comment period concludes 4 April 2008. Some time in 2008, the SEC is likely to propose a rule that would require certain registrants to incorporate interactive data into future SEC filings. We have posted the 10 December 2007 edition of the Heads Up Newsletter (PDF 111k) from Deloitte & Touche LLP (United States), which describes the US GAAP XBRL taxonomy. March 2008: IASC Foundation XBRL Update The XBRL team of the IASC Foundation has published the March 2008 IASCF XBRL Update (PDF 135k). The newsletter provides an update on the XBRL-enablement of IFRSs around the world. This issue has news about IFRS-XBRL internationally and from a number of jurisdictions, including Belgium, Europe, India, Ireland, Israel, Japan, Singapore, and United States. There is also information about the IFRS XBRL taxonomy and upcoming events. March 2008: IFRS 2008 XBRL taxonomy is published The International Accounting Standards Committee Foundation's XBRL Team has released the near final version of the IFRS XBRL Taxonomy 2008. The Taxonomy 2008 is a complete translation of IFRSs as published in the IFRS Bound Volume 2008 into XBRL, a computer language that is used to communicate information between businesses. The near final version of the IFRS Taxonomy 2008 may be downloaded without charge from the IFRS XBRL Website on www.iasb.org/xbrl/taxo.asp. The IASCF expects to release the final version at the end of June 2008. Click for Press Release (PDF 44k). May 2008: All SEC registrants (US GAAP or IFRSs) would file XBRL data The US Securities and Exchange Commission has proposed to require all public companies in the United States to file their data with the SEC in XBRL format. XBRL reporting would be required for registrants using either US GAAP or IFRSs as published by the IASB. The transition would take three years:
May 2008: SEC proposes to require XBRL data for 8,000 mutual funds The US Securities and Exchange Commission has voted unanimously to propose that more than 8,000 mutual funds trading in the United States be required to label data in their public filings using XBRL computer tags. This would let "investors get access to key information about fees, performance, and strategies through interactive data, which would permit comparison shopping among thousands of funds with all the ease of conducting an Internet search". Some mutual funds already have been filing interactive data on a voluntary basis. The SEC's rule proposal would require all mutual funds to provide data-tagged information beginning with registration statement filings that become effective after 31 December 2009. A mutual fund also would be required to post the interactive data on its website, if it maintains one.
June 2008: Why you need to know about XBRL – New publication from Deloitte The questions are below. Download Deloitte's new booklet Why You Need to Know About XBRL (PDF 153k) for answers. The booklet is written from the point of view of a US SEC registrant, but most of the answers are relevant in a global context as well.
August 2008: Deloitte letter to SEC on interactive data proposal On 14 May 2008, the US Securities and Exchange Commission proposed that all registrants be required to file their data with the SEC in XBRL (interactive data) format. XBRL reporting would be required for registrants using either US GAAP or IFRSs. The transition would take three years starting in 2008. There's more information in our News Story of 16 May 2008. A few days later, the Commission proposed that more than 8,000 mutual funds trading in the US would also be required to file XBRL date (see our News Story of 26 May 2008). Deloitte & Touche LLP (United States) has submitted a comment letter on the SEC's first proposal. Overall, we support the Commission's interactive data initiative. Our letter makes a number of suggestions that, we believe, will ensure successful implementation of the proposed rule.
August 2008: SEC unveils 'IDEA' replacement of EDGAR system
August 2008: IASC Foundation publishes new IFRS taxonomy guide On 28 August 2008, the International Accounting Standards Committee (IASC) Foundation published IFRS Taxonomy Guide 1.00 – All you need to know about the IFRS Taxonomy as a preparer, supervisor, software developer. It can be downloaded from the IASCF Website. December 2008: SEC mandates XBRL for all registrants and mutual funds On 17 December 2008, the Securities and Exchange Commission voted to require public companies and mutual funds to use interactive data for financial information in XBRL format. The interactive data will be provided in a new exhibit containing their financial statements and any applicable financial statement schedules in interactive data format: Public Companies: Interactive data financial reporting will be required on a phased-in schedule beginning next year so that all US public companies will be filing XBRL data by December 2011. Companies will be able to adopt interactive data earlier than their required start date:
Mutual Funds: Interactive data financial reporting will be required starting in 2011. Click for SEC Press Release (PDF 37k). December 2008: Heads Up on new SEC XBRL requirements On 17 December 2008, the US Securities and Exchange Commission voted to issue two final rules that will require registrants (other than investment companies) and mutual funds to provide financial information and risk/return summary information, respectively, in an interactive data format in certain filings with the SEC. Such information will be made interactive through use of eXtensible Business Reporting Language (XBRL). The National Office Accounting Standards and Communications Group of Deloitte (United States) has published a Heads Up Explaining the New XBRL Requirements (PDF 114k). The table below summarises the phase-in of requirements for XBRL data.
January 2009: Comments invited on 2009 IFRS XBRL taxonomy The International Accounting Standards Committee Foundation Has invited comments, by 12 March 2009, on the near final version of the IFRS XBRL Taxonomy 2009. The Taxonomy is a translation of International Financial Reporting Standards as issued at 31 December 2008 into XBRL. XBRL allows companies, regulators, investors, analysts, and others using the IFRS Taxonomy 2009 to file, access, and compare IFRS financial data more easily. The near final version of the IFRS Taxonomy 2009 may be downloaded without charge from http://go.iasb.org/IFRS-Taxonomy-2009-review. The IASCF expects to release the final version in early April 2009, when it will also be freely available. Click for Press Release (PDF 44k). February 2009: Heads Up – interim period fair value disclosures A new issue of the Heads Up Newsletter (PDF 92k) from Deloitte (United States) discusses the SEC's recently published final rule that requires most registrants to provide XBRL-tagged financial reports and schedules (an 'interactive data file') as an exhibit to certain periodic filings, registration statements, and transition reports that contain financial statements. There is related information above in our stories of December 2008. April 2009: IASCF releases 2009 XBRL IFRS Taxonomy The IASC Foundation has issued the final IFRS Taxonomy 2009 and published for comment a draft of the Due Process Handbook for XBRL Activities. The taxonomy translates IFRSs as of 1 January 2009 into XBRL (eXtensible Business Reporting Language). XBRL allows companies, regulators, investors, analysts and others to benefit from easier filing, improved access to, and comparison of financial data. Both the 2009 taxonomy and the draft Due Process Handbook for XBRL Activities may be downloaded without charge from the IASB's Website at www.iasb.org/XBRL/XBRL.htm. Click for Press Release (PDF 28k). September 2009: Proposed XBRL taxonomy for IFRS for SMEs On 28 September 2009, the IASC Foundation invited comment on an exposure draft of the IFRS for SMEs XBRL Taxonomy. The Taxonomy is a complete translation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) into XBRL (eXtensible Business Reporting Language). The exposure draft of the IFRS for SMEs Taxonomy is accompanied by a comprehensive review package containing a sample XBRL filing and explanatory materials, as well as illustrative financial statements and a presentation and disclosure checklist. The exposure draft of the IFRS for SMEs Taxonomy is available online at IFRS for SMEs XBRL Taxonomy and is open for comment until 27 November 2009. The IASC Foundation aims to publish the final version of the IFRS for SMEs Taxonomy in December 2009. December 2009: Lessons from the initial XBRL submissions Deloitte United States has published a Heads Up Newsletter (PDF 125k) titled Lessons Learned From Reviewing the Initial Submissions of Interactive Data (XBRL) Files. The US SEC rules requiring submission of XBRL files became effective for the first quarterly filing for a period ended on or after 15 June 2009 for domestic and foreign registrants using US GAAP that have a worldwide public float of more than $5 billion. Since then, over 1,000 XBRL exhibits have been submitted to the SEC in the first phase-in group under the SEC rules. This Heads Up newsletter, which is based on analyses of the submissions both by Deloitte and by the SEC staff, identifies lessons learned from the initial XBRL submissions and makes recommendations that are intended to help registrants avoid problems with their interactive data file submissions. Here is a summary of the recommendations – the newsletter has detailed guidance on each one:
December 2009: Plans for improving IFRS XBRL in 2010 The International Accounting Standards Committee Foundation has published The IFRS Taxonomy 2010 Architecture Draft for public comment. It also published a project summary and feedback statement on Architectural Improvements to the IFRS Taxonomy. The feedback statement summarises the architectural improvements that will be implemented in the next release of the IFRS Taxonomy in 2010 as a result of consultations in July 2009. Both documents may be found Here on the IASB's website. February 2010: Comments invited on proposed 2010 IFRS XBRL taxonomy The IASC Foundation invited comment on the proposed IFRS XBRL taxonomy for 2010. The proposed taxonomy is consistent with both full IFRSs and the IFRS for Small and Medium-sized Entities. A separate taxonomy for the IFRS for SMEs will not be issued. The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). Comments on the proposed IFRS Taxonomy 2010 are invited by 22 April 2010. The proposed taxonomy and related material can be accessed Here. April 2010: XBRL IFRS Taxonomy 2010 is available The IASC Foundation has released the IFRS XBRL Taxonomy 2010. The 2010 taxonomy is consistent with IFRSs and with the IFRS for Small and Medium-sized Entities (SMEs), and for the first time both have been integrated into a single taxonomy. The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). XBRL facilitates simpler and faster electronic filing of financial information and comparison of IFRS financial data by companies, regulators, investors, analysts, and other users of financial information. Click Here to access the IFRS Taxonomy files and accompanying materials on the Foundation's website. July 2010: Illustrative Examples in XBRL for the IFRS Taxonomy 2010 The IFRS Foundation has published illustrative examples in eXtensible Business Reporting Language (XBRL) for the IFRS Taxonomy 2010. The purpose of these examples is to illustrate the use of the IFRS Taxonomy in financial statements, in accordance with the XBRL architecture outlined in The IFRS Taxonomy Guide. Click Here to access the illustrative examples in XBRL on the Foundation's website. August 2010: IFRS Taxonomy 2010 updated for latest annual Improvements to IFRSs The IFRS Foundation today released the first interim release for the International Financial Reporting Standards (IFRS) Taxonomy 2010, which is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). This IFRS Taxonomy interim release reflects Improvements to IFRSs for the 2008-2010 project cycle, which was published in May 2010 as part of the IASB's annual improvements process. Click for:
October 2010: ITA project publishes Global Filing Manual for XBRL The Interoperable Taxonomy Architecture (ITA) project has published the first set of aligned XBRL (eXtensible Business Reporting Language) filing rules for global use, in the form of The Global Filing Manual. The manual contains a set of rules which provide guidance on the preparation, filing and validation of XBRL filings created using the IFRS Taxonomy, the EDINET (Electronic Disclosure for Investors� NETwork) Taxonomy or the U.S. GAAP Taxonomy. The ITA project is aiming at achieving the convergence of these XBRL frameworks. It is hoped that this architectural convergence will support the analysis and comparison of financial data reported in XBRL format, by enabling software vendors to develop applications for IFRS, Japanese GAAP and U.S. GAAP reporting based on a single XBRL architecture. Click for: November 2010: IFRS Taxonomy 2010 updated for enhanced derecognition disclosure requirements for transfer transactions of financial assets On 5 November, the IFRS Foundation released an interim release for the IFRS Taxonomy 2010. This IFRS Taxonomy release reflects Disclosures – Transfers of Financial Assets (Amendments to IFRS 7), which was issued by the IASB in October 2010. Click for:
November 2010: IFRS Foundation enhances stakeholder representation in IFRS XBRL advisory committees The Trustees of the IFRS Foundation today announced the new membership of the Foundation’s two IFRS XBRL advisory committees – the XBRL Advisory Council (XAC) and the XBRL Quality Review Team (XQRT). The existing membership base of the two committees has been enhanced through increased representation from auditors and preparers, financial institutions, accounting bodies, standard-setters, regulators and software vendors from around the world.
Click for IFRS Foundation Press Release. January 2011: IFRS Foundation announces outcomes of pilot XBRL study The IFRS Foundation has concluded the pilot initiative that it launched in April 2010 to work with US-listed foreign companies to produce IFRS financial reports in eXtensible Business Reporting Language (XBRL) that are compliant with United States Securities and Exchange Commission (SEC) requirements. The SEC issued a ruling in December 2008 requiring all US-listed foreign private issuers to submit their IFRS financial reports, including their periodic reports in XBRL from 15 June 2011. 12 companies voluntarily used the IFRS Taxonomy to produce 20-F filings in XBRL format that could be accepted by the US SEC EDGAR filing system. 'Level 1' XBRL tagging was applied to the filings, i.e. all items in the primary financial statements were tagged while notes were tagged using a single text block. The outcomes of the pilot initiative revealed some interesting outcomes:
The results of the pilot and further analysis will be used to make amendments to the IFRS Taxonomy. Further field tests are expected with financial institutions and insurers, and on detailed note tagging. Click for IFRS Foundation press release (link to IFRS Foundation website). January 2011: IFRS XBRL taxonomy in Japanese The IFRS Foundation has published a Japanese translation of the IFRS (International Financial Reporting Standards) Taxonomy 2010. The taxonomy is an official IFRS Foundation translation of the complete 2010 taxonomy label linkbases into Japanese, created using official terminology. Click for IFRS Foundation press release (link to IFRS Foundation website). January 2011: IFRS Foundation publishes proposed IFRS Taxonomy 2011 The IFRS Foundation has published for public comment an exposure draft of the IFRS Taxonomy 2011. The proposed taxonomy is a translation of pronouncements as issued at 1 January 2011 into XBRL and is consistent with IFRSs (International Financial Reporting Standards), including IASs (International Accounting Standards) and the IFRS for SMEs (Small and Medium-sized Entities). Click for IFRS Foundation press release (link to IFRS Foundation website). An interactive webcast on the proposed 2011 taxonomy will be held at 9:00am (London time) on Thursday, 27 January 2010, and repeated at 3:00pm (London time) on the same day. Click for registration information (link to IFRS Foundation website). The exposure draft IFRS Taxonomy 2011 is open for comment until 18 March 2011. January 2011: FAF publishes U.S. GAAP Financial Reporting Taxonomy The Financial Accounting Foundation (FAF) has announced the availability of the 2011 U.S. GAAP Financial Reporting Taxonomy pending final acceptance by the U.S. Securities and Exchange Commission (SEC). The taxonomy is designed to be used for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in compliance with SEC rules. In December 2008, the SEC issued a ruling requiring all public companies and foreign private issuers that prepare their financial statements in accordance with U.S. GAAP, and foreign private issuers that prepare their financial statements using IFRSs as issued by the IASB, to lodge financial reports in XBRL. The introduction of the XBRL filing requirement is being staged over a number of dates, with certain remaining U.S. GAAP filers, including smaller reporting companies, and all foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB, required to lodge in XBRL format from 15 June 2011. In early 2010, the FAF assumed maintenance responsibilities for the taxonomy and it will be relevant to entities preparing financial reports in accordance with U.S. GAAP. The IFRS Foundation has recently published its proposed IFRS Taxonomy 2011. Click for FAF press release (link to Financial Accounting Foundation website). March 2011: SEC adopts U.S. GAAP Financial Reporting Taxonomy Further to our story of 19 January 2011, the Financial Accounting Foundation (FAF) has announced the U.S. Securities and Exchange Commission (SEC) has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy. The taxonomy is to be used for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in compliance with SEC rules. The FAF is responsible for the ongoing maintenance of the taxonomy applicable to public issuers registered with the SEC. Click for FAF press release (link to Financial Accounting Foundation website). March 2011: IASB calls for participants in XBRL task force The IFRS Foundation is establishing a task force to examine detailed XBRL (eXtensible Business Reporting Language) tagging in IFRS financial statements, and is looking to work directly with preparers from listed companies from different industries and regions. The aim of the task force is for listed companies to produce fully-tagged financial statements using the IFRS Taxonomy. Detailed tagging up to 'Level 4' will be applied to participants' financial statements, whereby all primary financial statement line items and notes disclosures will be tagged using the IFRS Taxonomy 2011. The establishment of the task force follows a pilot initiative launched in April 2010 to work with US-listed foreign companies to produce IFRS financial reports in XBRL that are compliant with United States Securities and Exchange Commission (SEC) requirements. The pilot initiative involved the use of 'Level 1' XBRL tagging, i.e. all items in the primary financial statements were tagged while notes were tagged using a single text block. The 'Level 4' tagging in this initiative therefore represents a more in-depth test of the XBRL Taxonomy. Entities interested in participating in the task force should express their interest by 10 April 2011, with participants to be chosen and notified by 15 April 2011. Click for IFRS Foundation press release (link to IASB website). March 2011: IFRS XBRL taxonomy for 2011 is available The IFRS Foundation has published the IFRS Taxonomy 2011. The IFRS Taxonomy is a translation of IFRSs (International Financial Reporting Standards) into XBRL (eXtensible Business Reporting Language). The 2011 taxonomy is consistent with IFRSs as issued by the IASB at 1 January 2011, and it contains XBRL tags for all IFRS disclosure requirements. Click Here to access the IFRS Taxonomy files and accompanying materials on the IFRS Foundation's website. April 2011: Discussion at the IFRS Foundation Trustees meeting The IFRS Foundation Trustees met in London on 31 March 2011, and part of the meeting included discussion of XBRL. The relevant notes are reproduced below:
The full notes from the meeting are available Here. April 2011: IFRS Foundation will publish additional tags for the IFRS Taxonomy The IFRS Foundation has announced that it will publish supplementary tags for the IFRS (International Financial Reporting Standards) Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. In March 2011, Hans Hoogervorst, the incoming Chairman of the IASB, had responded to a warning from Mike Starr, SEC Deputy Chief Accountant, that the SEC would continue to refuse to allow company filings under IFRS to use XBRL, by saying that further proposals in April would extend the scope of the taxonomy. At their meeting on 31 March 2011, the Trustees had also concluded that the IFRS Taxonomy needs to be less focused on 'IFRSs as issued' (as now) and more on developing a taxonomy that has more extensions and can be accepted world-wide without jurisdictional amendment/ adaptation. Please click for the 8 April 2011 press release on the IASB's website. April 2011: IFRS Foundation publishes XBRL examples, SEC issues 'no action' letter for US IFRS filers The IFRS Foundation has published a set of 12 illustrative examples in XBRL for the IFRS Taxonomy 2011. These examples illustrate how the IFRS Taxonomy 2011 should be used to tag IFRS financial statements (including notes) in XBRL, and in accordance with the XBRL architecture outlined in The IFRS Taxonomy 2011 Guide and The Global Filing Manual. The examples are intended to help preparers understand how to apply the taxonomy to create instance documents and entity-specific extensions using both block tagging and detailed tagging, and also XBRL and Inline XBRL. In response to United Statements Securities Exchange Commission (SEC) concerns about the suitability of the existing IFRS Taxonomy 2011 for US filing purposes and the outcomes of an pilot XBRL study, the IFRS Foundation has announced the taxonomy is to be extended to include more terms that are commonly used in practice. In the meantime, the SEC has issued a 'no action' letter, in which it states:
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April 2011: Updated Global Filing Manual for XBRL The Interoperable Taxonomy Architecture (ITA) Project has published an updated version of The Global Filing Manual. The updates include new rules that relate specifically to iXBRL (Inline XBRL). iXBRL allows for presenting XBRL-based data in situations where the preparer wants to preserve a specific visual presentation of the information. Please note that the updated The Global Filing Manual is made available by the IFRS Foundation for information purposes only. The updated manual can be accessed via the corresponding press release on the IFRS Foundation's website.
June 2011: IFRS Foundation publishes proposed IFRS Taxonomy 'common-practice' enhancements The IFRS Foundation has published for public comment an exposure draft of the IFRS Taxonomy 2011 interim release: common-practice concepts. The proposed interim release contains supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. The supplementary tags are intended to enhance the comparability of financial information, and are consistent with IFRSs and with the XBRL (eXtensible Business Reporting Language) architecture of the IFRS Taxonomy 2011. The supplementary tags result from the IFRS Foundation previously announced intention to extend the IFRS Taxonomy. This was partially a response to United Statements Securities Exchange Commission (SEC) concerns about the suitability of the existing IFRS Taxonomy 2011 for US filing purposes, together and the outcomes of an pilot XBRL study. The SEC has issued a 'no action' letter in which it states foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB are not required to submit XBRL information to the SEC until it endorses an IFRS Taxonomy it considers suitable. The proposals are open for comment until 2 August 2011. Click for IFRS Foundation announcement (link to IASB website). June 2011: Proposed guidance fron AICPA on evaluating XBRL information The XBRL Assurance Task Force of the AICPA Assurance Services Executive Committee (ASEC) has issued an exposure draft titled Proposed Principles and Criteria for XBRL-Formatted Information. The exposure draft includes a set of principles and criteria for preparers, reviewers, and practitioners to use in evaluating information formatted in eXtensible Business Reporting Language (XBRL). The exposure draft outlines the following four principles for use in evaluating the quality of XBRL-formatted information, designed to be applied in accordance with the requirements of the entity's reporting environment:
Comments on the exposure draft are requested by July 15, 2011. Click for Press release (link to AICPA website). June 2011: FASB Launches New Taxonomy Online Review and Comment System On 14 June, the US FASB launched a new system to provide transparency for users of eXtensible Business Reporting Language (XBRL) and to allow stakeholders to easily submit comments on the US GAAP Financial Reporting Taxonomy. The new Taxonomy Online Review and Comment System allows users to provide feedback in 'real time' by submitting comments directly on the entire Development Taxonomy. The system also includes "new search and navigation functions designed to efficiently find the tags that best meet the SEC's filer requirements". Click for:
June 2011: XBRL taxonomy for sustainability reporting to be developed Deloitte and the Global Reporting Initiative (GRI) have announced a collaboration to work on a new eXtensible Business Reporting Language (XBRL) taxonomy for sustainability reporting. The new XBRL taxonomy will enable organisations to deliver sustainability information in XBRL format, with the objective of enabling stakeholders to organise and access sustainability information in a much quicker and easier way. As with XBRL for financial reporting, the use of 'tagged' data will hopefully improve the quality and integrity of sustainability performance data, allowing investors, auditors and other report users to access and compare sustainability information without the need for excessive manual work. In related news, the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) and ISACA (the organisation responsible for developing international information systems auditing and control standards) have recently published Leveraging XBRL for Value in Organizations. This publication provides guidance on how to leverage the value of XBRL through effective implementation. It includes discussion of non-financial reporting, noting the inherent ability of XBRL to communicate a wide array of types of data, which supports a range of key performance indicators (KPIs) for performance and sustainability reporting (including reporting under the GRI guidelines). Click for:
July 2011: IFRS Foundation updates IFRS XBRL Taxonomy for IFRS 12 and IFRS 13 The IFRS Foundation has published an eXtensible Business Reporting Language (XBRL) IFRS Taxonomy 2011 interim release incorporating the requirements of IFRS 12 Disclosure of Interests in Other Entities and IFRS 13 Fair Value Measurement. Click for more details (link to IASB website). August 2011: IFRS Foundation updates IFRS XBRL Taxonomy for IAS 1 and IAS 19 amendments The IFRS Foundation has published an eXtensible Business Reporting Language (XBRL) IFRS Taxonomy 2011 interim release incorporating the requirements of Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) and IAS 19 Employee Benefits, which were issued by the IASB in June 2011. Click for more details (link to IASB website). 31 August 2011: IFRS Foundation publishes IFRS Taxonomy 'common-practice' enhancements The IFRS Foundation has published IFRS Taxonomy 2011 interim release: common-practice concepts. This interim release enhances the IFRS Taxonomy by providing common-practice extensions for the face of financial statements, to reduce the work load of preparers filing electronically. In June 2011, the IASB published for public comment an exposure draft of the IFRS Taxonomy 2011 interim release: common-practice concepts which contained supplementary tags that reflected disclosures which were commonly reported by entities in their IFRS financial statements. Click for IFRS Foundation announcement (link to IASB website).
27 October 2011: IFRS Foundation publishes document and guidance for formula linkbase In order to better understand the IFRS meanings and concepts, the IFRS Foundation has published a document that provides guidance for technical and financial reporting audiences with the aim of improving the data quality of the IFRS Taxonomy filings. The document addresses the technical and financial perspectives separately in each section. Please click for more information on the IASB website.
23 December 2011: IFRS XBRL taxonomy in Korean The IFRS Foundation has published a Korean translation of the IFRS (International Financial Reporting Standards) Taxonomy 2011. The taxonomy is an official IFRS Foundation translation of the complete 2011 taxonomy label linkbases into Korean, created using official terminology. Click for:
20 January 2012: IFRS Foundation issues exposure draft of updated XBRL taxonomy The IFRS Foundation has published an exposure draft of the IFRS Taxonomy 2012. The proposed taxonomy is consistent with IFRSs, including IASs and the IFRS for SMEs. The IFRS Taxonomy 2012 is a translation of IFRSs as issued at 1 January 2012 into XBRL (eXtensible Business Reporting Language). The proposed taxonomy includes 'common practice' extensions, which were derived from an analysis of IFRS financial statements and are designed to diminish the need for preparers to customise the taxonomy to fit their individual business. The need for these extensions originally arose from United Statements Securities Exchange Commission (SEC) concerns about the suitability of the existing IFRS taxonomy for US filing purposes and the outcomes of a pilot XBRL study conducted in 2011. The proposed taxonomy is open for comment until 17 March 2012. Click for more information (link to IASB website). The United States Financial Accounting Standards Board (FASB) has also recently announced (link to FASB website) the 2012 US GAAP taxonomy.
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